SYDNEY, Oct. 4 (Xinhua) -- Despite global trade tensions and one of the worst droughts on record, Australia has posted a record trade surplus for the month of August.
In seasonally adjusted terms, the Australian Bureau of Statistics' data showed a 1.6-billion-Australian dollar (1.13-billion-U.S. dollar) surplus, easily beating out market expectations of a 1.4-billion-Australian dollar (1-billion-U.S. dollar) figure.
The strong result was an increase of 56 million Australian dollars (40 million U.S. dollars) on July's total, with export gains led higher by a 13-percent increase in non-monetary gold and a 3-percent rise in rural goods.
Despite the positivity however, Capital Economics chief Australian and New Zealand economist Paul Dales told local media that while global trade tensions have not yet had an impact on Australia's external sector, overall net exports are still likely to reduce in Q3.
"The recent weakening in the Australian dollar, though, should mean that net exports add to GDP growth next year," he said.
Largely unaffected by the release, the Australian dollar was buying 70.88 U.S. cents at 13:50 (AEST).
